HOW DO I GET OUT OF THIS SITUATION!!!
I am not sure what to do! I am a new investor who has been trying to get started in the Real Estate Bussiness by buying property. I started working with a new to the Real Estate bussiness Agent and that did not work out for what I am trying to do as an investor. The other day I met a Real Estate agent at an REI Club meeting and I got his card. I sent him an e-mail telling him that I was a new investor and he started sending me properties. At one point he said why don't you come in to my office so we could talk about your investment strategies etc. I went into his office ½ hour into the conversation he pulled out a contract for me to sign stating that he is going to represent me, he gets 3 % if I sell a property and in addition I was to pay him $495.00 but he was giving me a deal of 295 because I belong to the REI club. I being new to this went ahead and signed it and told him I was going to mail him a check (I thought this was something that happened in the bussiness). I sent the check and did not think anything of it. I was having dinner with my friend and he says to me I want you to call this broker friend of his, he is going to work with you trying to get some deals etc. I told him what I did and he told me I had entered into a legal agreement with this Broker( I thought Real Estate Agent) as it says in the paper and I cannot do anything without him getting involved or he will sue me. I asked my friend what if I wanted to wholesale deals he said the same applies. I am about to join a mentoring program and we will be doing deals with them, so I will have to share profits with my mentor and with my Broker Real Estate Agent?. In addition my friend looked at the contract and it says that I am bound to the contract even 90 days after the expiration date which is December 26, 2007. Can someone advise me as to how I get out of this arrangement, at first I did not think anything of if but now I feel trapped. I will like to have the flexibility to work with whom I choose without getting sued by the Broker Real Estate Agent.. Please Help.